Rexam has agreed to sell its two UK food flexibles businesses to Amcor Flexibles UK for £11.2M. The transaction is subject to regulatory approval. The sale proceeds will be used to reduce debts.
The businesses, based in Ledbury and Thetford, had a turnover of £42M in 2001 and net assets of £15M at end of year.
Commenting on the sale, Rolf Borjesson, Rexam’s chief executive, said: ‘Rexam is the number one in medical flexibles worldwide. The disposal sharpens the focus on our global medical packaging customers and on related pharmaceutical and personal care areas where we can leverage our technology in sterilisation barrier packaging.’